Alston & Bird Consumer Finance ABstract

CFPB, NCUA Sign MOU Regarding Cooperation

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Money

The Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) have signed a Memorandum of Understanding (MOU) to facilitate and improve coordination between the agencies. The CFPB and NCUA have overlapping supervision authority over credit unions with over $10 billion in assets. Both agencies will engage in semi-annual “strategy planning sessions” to align on and coordinate examinations. The MOU will facilitate information sharing between the agencies, … [Continue reading] about CFPB, NCUA Sign MOU Regarding Cooperation

Federal Court Dismisses Lawsuit Challenging Minnesota Eviction Moratorium

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Supreme Court

  A&B ABstract: A federal district court dismissed a lawsuit filed by two landlords who sought to invalidate the Governor of Minnesota’s moratorium on evicting residential tenants for failure to pay rent during the pandemic.  The … [Continue reading] about Federal Court Dismisses Lawsuit Challenging Minnesota Eviction Moratorium

CFPB Issues “Seasoned Qualified Mortgage” Rule

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Finances

  A&B ABstract:  On December 10, 2020, the Consumer Financial Protection Bureau (CFPB) issued an innovative final rulemaking that creates a pathway to “safe harbor” Qualified Mortgage (QM) status for performing non-QM and “rebuttable … [Continue reading] about CFPB Issues “Seasoned Qualified Mortgage” Rule

CFPB Retires the “QM Patch” and Revises QM Rules

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Money

A&B ABstract: In a significant final rulemaking with potentially far-reaching consequences for the residential mortgage markets, the Consumer Financial Protection Bureau (“CFPB”) is terminating the “QM Patch” and significantly revising the … [Continue reading] about CFPB Retires the “QM Patch” and Revises QM Rules